Naira records gain against dollar in parallel market

The Naira appreciated to N1,560 per dollar in the parallel market on Thursday, improving from N1,570 per dollar recorded the previous day. However, in the Nigerian Foreign Exchange Market (NFEM), the local currency weakened slightly, trading at N1,540 per dollar.

According to data released by the Central Bank of Nigeria (CBN), the indicative exchange rate for the naira in the official market slipped to N1,540 per dollar from N1,539 per dollar on Wednesday, reflecting a marginal depreciation of N1.

As a result, the gap between the parallel market rate and the NFEM rate narrowed to N20 per dollar, compared to the N31 per dollar difference observed the previous day.